SOURCE: United Home Mortgage Center

May 23, 2007 14:17 ET

Miami Lakes, FL-Based Mortgage Broker Reveals 3 Things Lenders Don't Want You to Know About Shopping for a Mortgage Online

MIAMI LAKES, FL -- (MARKET WIRE) -- May 23, 2007 -- Anyone who's even remotely interested in shopping for a home loan has probably paid attention to all those commercials on TV touting the ease of using any of a variety of Internet services to compare mortgage offers from the comfort of your home. You may even have tried a couple of them yourself. But Ariel Baserio, The Branch Manager of United Home Mortgage Center, says, FL residents need to watch out when trying to use the Internet or blindly go to their regular bank to do the heavy lifting for them.

"Sometimes, these Internet services or big banks might work fairly well for certain people. But the one-size-fits-all approach they offer is going to leave a lot of people with loans that aren't the best for them, or even worse, they may be shut out of the process altogether. Remember you will be dealing with a sales rep (regardless of his title), most likely they don't even have a state license, and most important, their job is to get as many applications as they can, then send it to someone else who will be the one making decisions about which program or type of loan you will get and this person has not even spoken to you."

Ariel says the problem with these services is that they never really get to know anything about your financial situation other than your credit history and income level. "So basically what winds up happening is that you're reduced to a number to them. And if they don't like whatever that number is, you're out of luck."

Here are three things you should watch out for when shopping for home-finance products on the Internet -- things most online mortgage sites hope you ignore:

1)   Do they take the time to find out about your unique situation, or are
you just a cyber-borrower in their eyes? Most of these sites simply don't
have the manpower to individually work with every borrower. So a lot of
times you wind up with a bad loan simply because there was no one to check
if they could have gotten you a better deal.
2)   What do they offer people in special financial circumstances -- such
as the self-employed or people with damaged credit? Most of these sites
don't even want to work with you unless you meet their stringent criteria.
3)   Do they provide advice to help when choosing between loan products?
Most sites simply gather offers, throw them in your lap, and pressure you
to choose between them. Unless you're a pretty experienced mortgage pro,
deciding on the best offer can be difficult, if not impossible.
So, what's the solution? Use the Internet to educate yourself on your financing options and then work with a real human being. You may not have thought about "old-fashioned" methods of finding the best deal, such as working with a mortgage broker. "But for anyone who values a real person sitting down with you and working through the process, there's no better option," says Ariel Baserio. Especially if this person has taken the time to help you educate yourself about the mortgage world, through his own material and ideas and being open to answer all your questions, Ariel's big advice is don't be shy when it comes to your money, ask until you understand what is being said to you, at the end that will make you a lot more comfortable at the closing table.

Miami Lakes, Florida-based mortgage expert Ariel Baserio specializes in providing information to Florida residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

He is available for interviews and will welcome all your mortgage-related questions.

Call 1800-727-9343 for a Free No-Obligation Consultation or visit:

Contact Information

  • Contact:
    Ariel Baserio